FCPO Daily Commentary for 28th July 2010

FCPO 3rd month Oct futures contract traded RM12 higher to close at RM2485 levels as compare to previous trading sessions with a total of 10,381 lots traded in the market. FCPO price traded higher after long consolidation around support levels despite soybean oil and crude oil were traded in contradicting direction during electronic trading sessions.
FCPO price found temporary support at RM2434; 38.2% Fibonacci support regions, before begin surge higher and settled at RM2485; 50% Fibonacci resistance levels. Technically, FCPO price currently seems crucial in determining if FCPO would further undergo correction phase or resume bull rally in the coming trading sessions where critical resistance levels were seen RM2497 and RM2520 regions while support levels remain at RM2402 and RM2371; both are 50% and 61.8% Fibonacci support levels.